UK commercial property sector in recession

LONDON: UK commercial property is suffering its deepest downturn since records began after uncertainty surrounding the eurozone crisis pushed values down for the second consecutive quarter and more pain looms on the horizon, data showed.

Investment Property Databank (IPD) said the value of shops, offices and warehouses fell 0.7 per cent during the first quarter of 2012, following a 0.1 per cent decline in the previous period and were 31 per cent below the last peak in September 2007.

The slump is twice as severe as during the previous recession of the late 1980s.

By Reuters